SAP is up 28% in the fourth quarter in cloud computing revenue, with a 26% growth target for 2022.
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(Reuters) – German business software group SAP on Thursday said fourth-quarter revenue from the cloud computing business rose 28% as more customers switched their IT operations to the cloud business database.
Cloud revenue rose to $ 2.62 trillion ($ 2.99 billion) in the fourth quarter ended Dec. 31, the company said in a preliminary earnings statement.
SAP aims for a 26% increase in cloud revenue in 2022, with overall cloud and software revenue expected to grow by 4-6%.
“More and more companies are choosing SAP to support them … building resilient supply chains and becoming sustainable companies as they move to the cloud,” CEO Christian Klein said in a statement.
The company saw a 6% year-on-year increase in quarter-end revenue in December to € 7.980 billion, while adjusted earnings per share rose 10% to € 1.86.
SAP will release the full results on January 27th.
In addition, the company also announced a new $ 1 billion share purchase program, which will run from February 1 to December 31, 2022.
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